According to the SEC announcement, Khalid Parekh, a Texas investment manager, illegally invested $18.5 million of client funds in cryptocurrencies without the client's consent, and promised an annualized return of 4%. Parekh attracted 373 investors from 40 states between August 2021 and August 2022 through his company Fair Invest, mainly targeting the American Muslim community, and claimed that his investment complied with Islamic law. In fact, he allocated client funds to two cryptocurrency lending platforms instead of traditional assets. During the SEC investigation, Parekh returned the client's principal and the promised 4% return, paid a $100,000 fine, and revoked his investment advisor registration.